VIDEO 1:18:35 01:18:35 Finding your financial success Invest in You: Ready. Set. Grow. During CNBC Invest in You’s recent virtual event, Finding your financial success , Caleb Kuberiet, a senior English major at Rutgers University in New Brunswick, N.J., asked panelists, “What is a book you recommend to everybody about personal finance and what is a book that maybe revolutionized you and the way you think?”
The panel included Daymond John , founder and CEO of FUBU and a ” Shark Tank ” investor; Dr. Anthony Chan, treasurer of the Skyhook Foundation founded by Kareem Abdul-Jabbar; Lauryn Williams, CFP, founder of Worth Winning and three-time Olympic medalist, and Martin Cabrera, CEO and founder of Cabrera Capital Markets .
Each panelist offered one book they would recommend to someone who wanted to learn more about personal finance and one book that shaped how they think and approach life.
Anthony Chan Anthony Chan cited “Broke Millennial,” by Erin Lowry, a step-by-step guide that illustrates to readers how to evaluate their own understanding and relationship with money. Lowry talks readers through how to get “financially naked” with their partners.
Getty Images Chan also is a fan of CNBC senior personal finance correspondent Sharon Epperson’s “The Big Payoff.”
“I’m going to embarrass Sharon, but ‘The Big Payoff’ is one of my favorite ones,” he remarked.
In her book, Epperson lays how couples of all ages and all stages can realize their financial dreams together.
The book that changed the way Chan thought about the world is “Candide,” the 18th-century satire by French philosopher Voltaire. “One of the things you have to do is always stay optimistic. We live in the best of all possible worlds. Keep in mind studies show that if you are more optimistic, you are more likely to be successful,” Chan said.
Daymond John Shark Tank investor and best-selling author Daymond John recommended Benjamin Graham’s “The Intelligent Investor.” Graham, who was a mentor to billionaire Warren Buffett, teaches readers strategies on how to successfully use value investing in the markets.
Value investing is a strategy for picking stocks that investors believe are trading below their intrinsic value and therefore considered cheap. Eventually, these stocks will recover, and the investor will profit.
John also cited Napoleon Hill’s “Think and Grow Rich” as a book that changed his worldview. Hill claimed to be inspired by steel magnate and philanthropist Andrew Carnegie. Published in 1937 during the Great Depression, the book offers readers a philosophy that the author claims will lead them to success in any field.
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Lauryn Williams Lauryn Williams knows the right mindset is fundamental to performing well. Williams was the first American woman to earn a medal in both the Summer and Winter Olympics. “You know as a sports enthusiast we have to get our mind right to make our body do what we want. In order to organize our finances accordingly, we first have to get our mindset correct. So ‘The Psychology of Money’ by Morgan Housel is a great book to read,” she said.
In “The Psychology of Money,” Housel shares 19 short stories exploring the unique ways people think about their money and how they behave with it.
Williams also suggested “The Year of Yes,” written by awarding-winning executive producer Shonda Rhimes. The creator of “Grey’s Anatomy,” Rhimes memoir encourages Williams to take risks and “Say yes to things you’re are scared of. How can you experience and really understand life if you don’t say yes?”
Martin Cabrera During college, Martin Cabrera read Peter Lynch’s “One Up on Wall Street,” a book he says, “brings a lot of investing prowess … breaking it down in layman’s terms on how people should be picking stocks.”
Lynch emphasizes identifying early investments that can grow tenfold, otherwise known as “tenbaggers.”
Cabrera also said Caleb should consider reading “The Greatest Salesman in the World” by Og Mandino, a book he re-reads at least every five years: “It brings so much gratitude in what you are doing as an individual.”
CHECK OUT: How Americans used the third $1,400 stimulus checks compared to the first two, and what that shows via Grow with Acorns+CNBC via Grow with Acorns+CNBC .
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